Nigerian Startup Raises $3m Seed Fund

Nigeria is witnessing expanded solar energy transition as the country’s startup Rana Energy announced on Tuesday, October 14, that it has raised $3 million in pre-seed funding.
The fund will enable the firm to scale its AI-driven clean energy platform.
The round included $500,000 in equity from Techstars, EchoVC Eco, and angel investors, and a ₦2.5 million green debt facility arranged by Optimum Global and backed by FSDH Asset Management.
Rana Energy runs the Virtual Solar Network (VSN), a digital platform that forecasts energy demand, groups solar and storage systems into bankable portfolios, and manages them remotely. The service lets businesses and institutions access reliable electricity via subscription, cutting operating costs and reducing diesel dependence.
“In just 18 months, we’ve deployed 1.3 MW of solar and storage capacity across Nigeria, achieving 99.9 per cent uptime, reducing diesel dependence by over 80 per cent, and slashing energy costs by up to 30 per cent for our clients,” said Mubarak Popoola, the company’s co-founder.
The company plans to lift its installed capacity to 10 MW over the next year and expand into Ghana and Zambia.
Across sub-Saharan Africa, many businesses rely on diesel generators due to unreliable public grids. Rana Energy’s model combining local financing, AI, and distributed solar offers cleaner, more reliable, and cheaper power for commercial and industrial customers.